A person can own many properties, but their “domicile” is considered their primary residence. A domicile is a location where a person has a fixed and permanent home. Why is having a domicile so critical? Your domicile influences your citizenship, voting rights, taxes, and estate planning. When you establish a domicile in Florida, you may take advantage of the state’s exemption from state income, estate, and inheritance taxes, as well as its extensive Medicaid planning options. If you are a new resident or intend to migrate to Florida, contact your domicile planning lawyer in Boynton Beach. The Millman Law Group, founded by Aaron Millman, Esq., CPA, is here to help you navigate the process and reap all the benefits of a Florida domicile. 

How Are Residence and Domicile Different? 

Residency refers to your physical presence in the state, whereas domicile refers to establishing a permanent residence in Florida. Renting or owning real estate in Florida and spending substantial time there are common ways to demonstrate Florida residency. This is often how “snowbirds” get residence. 

However, such persons are still regarded as official residents of their home states, which means they pay taxes there, and even if they die in Florida, their estates will be handled under the rules of their home state. If you establish a domicile in Florida, you will pay Florida taxes, and your estate will be distributed according to Florida law after you die. Depending on your estate planning objectives, you may establish residence before declaring domicile in Florida. 

The Steps for Establishing a Domicile in Boynton Beach 

The first step in navigating this process is to consult with a domicile planning lawyer in Boynton Beach. At The Millman Law Group, we can help you ensure that no critical procedures are neglected and that all documentation is submitted correctly. Establishing a domicile in Florida requires two steps. 

Step One: The Bright Line Test

This requires you to physically reside in Florida for at least 183 days every year or to spend no more than 183 days in another state. Your lawyer can guide you on correctly demonstrating your residency in the state for the necessary length. 

Step Two: The Subjective Test

The second phase, the Subjective Test, begins next. There are several things you may do to establish your domicile in Florida. You may read a detailed checklist on our website that includes the following:

• Register your vehicles in Florida
• Changing estate planning documents to Florida and naming Florida as your residence
• Update deeds to include Florida as your residence
• Submit a Declaration of Domicile in your county
• Update insurance policies with your Florida address 
• Register to vote in Florida 

The Benefits of Establishing Your Florida Domicile 

What are the advantages of utilizing a domicile planning lawyer in Boynton Beach? Establishing a Florida domicile may have a significant impact on your estate planning. Florida imposes no state income, inheritance, or estate taxes, nor does it tax retirement income or Social Security payments. There are also certain exemptions for property taxes. 

Florida also has strong asset protection laws, allowing you to secure your investments from creditors. Florida is also one of the states that offer Lady Bird deeds, which are more flexible than traditional life estate deeds. 

Establishing Florida as your primary residence and domicile is essential for maximizing your estate planning benefits in The Sunshine State. 

Contact The Millman Law Group and Your Domicile Planning Lawyer in Boynton Beach

Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.